Africa-Press – Mauritius. Barclays launched the Absa Africa Financial Markets Index (AFMI) 2018 last week, in collaboration with the Official Monetary and Financial Institutions Forum (OMFIF) and with the support of the Bank of Mauritius (BoM).
This new index, launched for the first time by a Mauritian bank, is a high-caliber indicator to gauge the attractiveness of African financial markets for regulators, investors, companies and managers.
Mauritius has outperformed many countries in the region, positioning itself as the 4th country according to the index. Policy makers and other financial market participants can now use this tool to identify areas and initiatives that will lead to more significant improvements.
In this report, Mauritius is also encouraged to increase its foreign exchange market in order to enhance accessibility and economic development. “As part of our transition to Absa, Barclays Bank Mauritius is more than ever focused on the opportunities offered by the African continent.
And Africa, currently one of the main players in the global economy, has a high investment potential. We are proud to be able to contribute to the economic advancement of the continent”, highlights Ravin Dajee, Managing Director of Barclays Bank Mauritius.
With Absa, Barclays is already positioning itself as the pan-African bank of choice in the region, capable of creating new opportunities for its clients.
Today, Mauritius is considered as a jurisdiction that attracts quality international investments which are then redirected to the African continent. “AFMI further opens the African market to investors and allows African countries to measure their own progress.
With regard to Mauritius, we are comfortable with the country’s position in this report. We are convinced that if we continue to move forward on this path, we will be better able to capitalize on the various economic opportunities available to us,” adds Vishal Joyram, Head of Global Markets at Barclays Bank Mauritius.
Maria Ramos, CEO of the Absa Group, stresses that the growth of well-regulated and liquid financial markets is a priority for the development of Africa. She explains that the index facilitates a constructive debate on the maturity and accessibility of African financial markets.
The report notes a general progress of the countries subject to the assessments thanks to policies that support the enrichment of financial markets across the continent.
The main area for improvement on the continent remains the “capacity of local investors”. The report also highlights that strengthening market infrastructure and regulatory frameworks could boost the performance of mid-table countries in the coming years.
The 20 economies studied are: Angola, Botswana, Cameroon, Egypt, Ethiopia, Ghana, Ivory Coast, Kenya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Rwanda, Senegal, Seychelles, South Africa, Tanzania, Uganda and Zambia.
The index is a tool for countries wishing to build financial infrastructure by tracking progress on six pillars annually, including: market depth; access to currencies; the fiscal and regulatory environment and market transparency; the capacity of local investors; macroeconomic opportunities; and the enforceability of financial contracts, collateral and insolvency frameworks.
“Mauritius is perceived as an economy with a solid regulatory and legal framework and its position in the index should encourage us to continue our momentum,” adds Ravin Dajee.
He firmly believes that the combined efforts of all players in the financial sector will not only contribute to the development of the financial market and the Mauritian economy, but also to the economy of the African continent as a whole.
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